Continuous interaction with stakeholders at every level of our organization is an essential component of the Group's decision-making processes, which are aimed at the long-term creation of value. Expanding the knowledge base of our stakeholders is a vital undertaking that calls for specific skills and processes, and we continuously invest in the development of these assets.
Dialogue tools with stakeholders:
|Customer satisfaction assessment
|Brand reputation assessment|
|Focus group, workshops, seminars
|People Survey of professional engagement|
|Internal clients’ perceptions of headquarters services|
|Group Intranet Portal|
|Departmental online communities|
|Quarterly webcasts and conference calls to present results|
|One-on-one and group meetings, calls|
|One-on-one and group meetings, calls|
Listening to stakeholders has always been fundamental to UniCredit's business, and the Group regularly invests in mutual feedback activities that embrace all types of stakeholders. As part of this process, since 2010 UniCredit has periodically carried out a materiality analysis. The resulting matrix is used to consolidate and study
signals from all of the bank's stakeholders. It not only takes into account their needs and expectations, but also monitors our investment in and capacity to address the issues they care about. To assemble the materiality matrix, we follow a structured, phased approach that:
- maps and prioritizes our stakeholders by relevance, which is measured by assessing their economic dependence, ability to influence and the relative urgency with which we must respond to their expectations
- identifies relevant issues using a number of internal and external sources, peer benchmarks, sustainability rating agencies, searches of regular and social media, research on global risks and opportunities, listening tools, scenario analyses, etc.
- prioritizes the identified issues according to the feedback gathered through our primary stakeholder listening programs
- assesses internal consensus on the issues that are most important to our stakeholders. This process is conducted by engaging the Group functions that specialize in interacting with our different partners.
As illustrated in the table above, we pay close attention to every type of stakeholder associated with our Group. Thanks to the multiple ad hoc dialogue tools that we have developed over time, we receive a steady stream of valuable feedback, through which we can identify the main needs of our stakeholders committing to satisfy them. For example, more than 10 years ago, to respond to the needs of a key stakeholder group - our customers - we launched a program to measure customer
satisfaction. Over time, this program has evolved, and we have integrated new tools that enable us to receive a steady flow of constructive feedback from our customers regarding every moment of truth. In 2016, we consulted with more than 100 opinion leaders to learn which systemic trends they think will present both risks and opportunities to the banking sector over the next 10 years.
The most important of these trends (big data, population growth, aging societies, always-on hyperconnectivity, global warming) were integrated into our materiality analysis following an internal assessment carried out by the business functions responsible for evaluating the Group's investments in these issues.
Our goal is to consolidate our relationship with opinion leaders and in this way, we would be able to seek out their opinions regularly to gain a better sense of how the macroeconomic scenario is shifting in comparison to our frame of reference.
Another major listening initiative carried out in 2016 was our first environmental, social and corporate governance roadshow. This roadshow allowed us to gather valuable feedback from our major investors about the effectiveness of our sustainability approach.
By incorporating these and other inputs into our analysis, we believe that we can continue to rely on the materiality matrix to support and guide our senior management's ability to make strategic decisions that lead to the creation of long-term value.